A personal, guided tour to the best scoops and stories every day in The Wall Street Journal, from Editor in Chief Gerard Baker.

I sat down with my colleagues for an extended interview Wednesday with President Donald Trump. Among other things in a conversation that ranged across international and domestic issues, he told us that he has offered President Xi Jinping more favorable trade terms for Beijing in exchange for help on confronting the threat of North Korea. His words raise the prospect of a new pact that does less than Mr. Trump would otherwise like to address the U.S. trade deficit with China in exchange...